RCS - Fintel PLC - Defaqto signs first six contracts for Matrix 360

FintelAnnouncement

23/01/2025 07:00

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RNS Number : 3593U  Fintel PLC  23 January 2025

 

Fintel plc

 

("Fintel", the "Company", the "Business" or the "Group")

 

 Defaqto signs first six contracts for Matrix 360 following the release of
market intelligence software

 

Fintel (AIM: FNTL), a leading provider of fintech and support services to the
UK retail financial services sector, today announces six new Defaqto Matrix
360 partnerships following the release of its software.

 

Customers including Zurich, RAC, Frontier, NFU Mutual and Policy Expert
(trading name of QMetric Group Ltd) will be the first users of the software.
With a strong pipeline of future partnerships and plans for expansion beyond
insurance, Matrix 360 is expected to bolster Fintel's organic revenue growth,
through enhancing Defaqto's customer acquisition and transitioning existing
users to the enhanced software.

 

Matrix 360 is a product intelligence software developed by Defaqto, one of the
UK's most trusted sources of financial product and market intelligence.
Providing a dynamic, comprehensive view of the insurance market, it enables
insurers to continuously iterate and optimise their product portfolios and
market positioning, while providing support in area such as Consumer Duty
compliance.

 

Following investment in developing the technology across 2022-24, it is an
enhanced version of Defaqto's existing Matrix software, which already supports
over 80% of the UK's general insurance industry.

 

Matrix 360 is underpinned by Defaqto's financial product database, which is
the largest in the UK, covering general insurance, life and protection, retail
banking, and wealth management. Updated daily, the database covers more than
45,000 financial products and funds and 4 million product features.

 

Anqelique Chard, Head of Product and Distribution, Frontier Insurance, said:
"Matrix 360 provides real-time data and automated reporting, enhancing our
efficiency and effectiveness. Its intuitive design and enhanced visualisations
help us quickly derive meaningful insights and identify trends. The tailored
reports help us to demonstrate fair value and to benchmark our products
against market standards.

 

"Our product oversight is now more efficient and impactful, supporting our
commitment to providing transparent, customer-centric insurance policies."

 

John Milliken, Defaqto CEO, commented: "Defaqto Matrix 360 is an industry
first, game changing tool that helps our partners make smarter product
decisions through a single source of market intelligence and without the
requirement of specialist skills in data science and AI.

 

"Integrating the UK's leading product ratings and insurance database with
intelligent, predictive analytic tools, it's the only place to get the bigger
picture.

 

"We can help our customers to make smarter financial decisions - identifying
new revenue sources, increasing efficiency by focusing resources on areas that
are most valued by their customers, and improving compliance and their ability
to demonstrate it.

 

"This is the first proof point from Fintel's extensive investment in a new
generation of data products. There is much more to come, including the
extension of Matrix 360 from the general insurance market to banking, wealth
and protection."

 

This is a Reach announcement and the information contained is not considered
to be material or to have a significant impact on management's expectations of
the Company's performance. Reach is an investor communication service aimed at
AIM quoted companies to distribute non-regulatory news releases into the
public domain.

 

 

 Fintel plc                                     via MHP Group

 Matt Timmins (Joint Chief Executive Officer)

 Neil Stevens (Joint Chief Executive Officer)

 David Thompson (Chief Financial Officer)

 MHP Group (Financial PR)                       +44 (0) 7736 464749

 Reg Hoare                                      Fintel@mhpgroup.com (mailto:Fintel@mhpgroup.com)

 Robert Collett-Creedy

 

-ENDS -

 

Notes to Editors

 

Fintel is a UK fintech and support services business, combining award-winning
intermediary business support services, and leading research, ratings and
fintech businesses.

 

Fintel provides technology, compliance and regulatory support to thousands of
intermediary firms, data and targeted distribution services to hundreds of
product providers and empowers millions of consumers to make better informed
financial decisions. We serve our customers through three core divisions:

 

The Intermediary Services division provides technology, compliance, and
regulatory support to thousands of intermediary businesses through a
comprehensive membership model. Members include directly authorised IFAs,
Wealth Managers and Mortgage Brokers.

 

The Distribution Channels division delivers market Insight and analysis and
targeted distribution strategies to financial institutions and product
providers. Clients include major Life and Pension companies, Investment
Houses, Banks, and Building Societies.

 

The Fintech and Research division (Defaqto) provides market leading software,
financial information and product research to product providers and
intermediaries. Defaqto also provides product ratings (Star Ratings) on
thousands of financial products. Financial products are expertly reviewed by
the Defaqto research team and are compared and rated based on their underlying
features and benefits. Defaqto ratings help consumers compare and buy
financial products with confidence.

 

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